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One of the most vexatious telemarketers in Costa Rica, at least  in the financial services arena, is undergoing a major restructuring process that will see its retail banking operations significantly reduced before they are completely gone. Citigroup, one of United States banks that required millions upon millions of dollars in bailout funds from the Federal Reserve and Treasury, is planning on leaving not only Costa Rica but other countries as well.

Brief reports of Citigroup’s impending exit from nearly a dozen countries were briefly reported by major U.S. financial media outlets on Tuesday morning. CNN Money and Fox Business were the first to break the news, which to some analysts appeared to be one more sign that Citigroup is no longer interested in being the bank with the most extensive global reach. IN Latin America, the markets from which Citigroup will exit include:

• Costa Rica
• El Salvador
• Guatemala
• Nicaragua
• Panama
• Peru

Further reporting by Fox Business indicated that:

[The] markets impacted would primarily be in Latin America, as well as Egypt, Japan and parts of Eastern Europe. The bank said sales of the businesses are underway in the majority of the markets affected. It expects the sales to be substantially complete by the end of 2015.

By the time the sales are wrapped up, Citi will offer consumer banking in 24 markets.

In Costa Rica, the credit card telemarketing efforts of Citi will not be missed by prospects who were incessantly pursued by aggressive employees who often worked significant overtime hours and were offered handsome bonuses based on performance. The frequency and tenacity of Citi’s telemarketers became a favorite topic among office watercoolers around the country, and many consumers complained to consumer protection agencies about these calls.

One of the call centers operated by Citi in the Metropolitan Free Trade Zone of Barreal de Heredia is fondly remembered by taxi drivers who would be contracted to take employees home at night on trips as far away as Cartago. Many of the employees were bilingual since Citi’s strategy included the pursuit of English-speaking expats who were seldom interested in the exorbitant credit cards rates offered by the giant bank in this country.

It is important to note that Citibank had previously exited retail banking operations in Greece, Spain and Turkey. Being a major international bank these days is not an easy task; certain issues such as bank secrecy, anti-money laundering provisions, FATCA, and the indiscriminate sharing of client information make it difficult for banks to embrace the globalization movement.